NYC Transit slashing 1,722 jobs by July 4

New York City Transit's subway and bus system will eliminate 1,722 jobs—by layoffsor attrition—by July 4, according to information filed with state authorities.

The planned elimination of the V and W subway routes and dozens of bus lines is responsible for the latest round of layoffs. These will cost the jobs of 122 subway car inspectors and 500 bus drivers.

New York Metropolitan Transportation Authority Chairman Jay Walder earlier announced plans to lay off 500 subway station agents and to eliminate 600 administrative positions through layoffs or attrition.

The staff reductions will make a dent, though not a big one, in MTA's looming $800 million operating budget deficit.